Twitter has decided to join the two largest website platforms, Google and Facebook, and ban all forms of cryptocurrency advertising on their platform.
The ban will include anything related to the sale of cryptocurrencies as well as Initial Coin Offerings (ICOs). Twitter will start implementing the ban as of today (Tuesday, 3/27/18) and will continue to implement new strategies on how to best detect and deal with advertisers trying to use their advertising platform to promote digital currency activities for the next month or so.
Twitter Ban Coverage
Aside from banning cryptocurrency sales and IPOs, Twitter will also do away with any ads pertaining to services such as digital currency wallets. However, if the company or service happens to be legitimate companies listed on any regulated stock exchange, they will allow them to promote their products and services through their advertising platform. This will also hold true for certain cryptocurrency exchanges, like those in Japan, who are partly regulated by the national government where they do business.
Twitter Still Believes In Bitcoin
The irony of the whole situation is that despite its recent efforts to do away with cryptocurrency advertising in order to stop unscrupulous advertisers from taking advantage of its users, the company still believes that Bitcoin and similar digital currencies will dominate the future of global currency.
In fact, Twitter CEO, Jack Dorsey, recently expressed his views of Bitcoin by stating that he thought it would be the leading form of currency over the next decade or so.
Facebook was the first to lead the three online giants in the fight against deceptive crypto-advertising by implementing its ban earlier this year (January 2018).
The company stated at that time that they wanted to keep their platform free of ads that deceive and mislead their users into purchasing cryptocurrency products or services.
The Facebook ban also included other deceptive financial instruments like binary options and anything promising a guaranteed return on investment unless it was from a regulated financial institution, like a bank, which offers fixed interest rates.
Earlier this month (March 2018), Google also stated that it was cracking down on all forms of cryptocurrency advertising including ICOs, trading advice, digital currency wallets, and sales of cryptocurrencies of any kind.
Google’s ban is much more severe than Twitter’s as the company will not even allow legitimate companies trading on stock exchanges, regulated by national governments, or who have legitimate offerings to advertise through on their search engine platform or any of the company’s network of partner websites.
Google’s cryptocurrency ban is expected to go into full-swing by this June (2018). The company has also stated that it will continue to update its advertising policies to keep its platform free of any ads that could potentially deceive its users.